The 320-unit community in Mesa was 93 percent leased when it was acquired by INCO Real Estate Co.
Colliers International in Greater Phoenix closed the sale of Fiesta Park Apartments, located at 1033 S. Longmore Road in Mesa, Ariz. for $20 million. Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers represented the seller, BH Properties in the transaction. The buyer, INCO Real Estate Co. was represented by Mark Forrester and Ric Holway of Berkadia-Phoenix.
The property comprises 10 three-story apartment buildings across 8.8 acres of land. Originally built in 1979, the community offers 320 one- and two-bedroom units ranging from 624 to 1,087 square feet. Interior features include vaulted ceilings, balcony/patios, oversized closets and ceiling fans. Residents have access to amenities such as a fitness center, clubhouse, tennis court, swimming pool, spa, three laundry facilities, 838 parking spaces, barbecue grill and picnic areas, playground, outside storage and access to public transportation. The community was 93 percent leased at the time of the sale.
“The Fiesta Park property offered a very well located opportunity within the dynamic East Valley submarket,” said Hahn, executive vice president. “Employment in the Tempe/Mesa/Chandler area has grown substantially in recent years and is forecast to continue expanding. Vacancies in multifamily are low and rental rates are rising, which offers great upside potential for a property like Fiesta Park.”